CASEY PETERSON, LTD. AUDIT AND ASSURANCE SERVICES

Most audit and assurance services are imposed by lending institutions, funding agencies, or insurance companies. However, all companies, big and small, should consider employing an outside firm to help manage risks related to their financial statements and compliance requirements. Trust the experts at Casey Peterson, Ltd. to help you analyze your financial statements, provide you peace of mind, and identify opportunities and areas where changes may need to be made.

A financial statement audit or compliance audit issued by an esteemed firm like Casey Peterson, Ltd., can lend credibility to your comprehensive financial plan and impact the overall success of your company.

audit and assurance services we offer:

• Agreed Upon Procedures
• Audit Preparation Services
• Audit, Compilation, and Review
• Employee Benefit Plan Audits
• Risk Advisory, Internal Audit, and Internal Controls
• Single Audit

AGREED UPON PROCEDURES

Are you needing assurance related to a specific matter, but don’t want the cost and stress of a full audit? An agreed upon procedure could be a smart move for your company.

The objective of these services is to review, report, and rectify findings within specific, pre-identified areas of an organization’s accounting records and report the findings to management and the Board of Directors. An agreed upon procedure’s engagement can provide a cost-effective alternative to a full-scope financial statement audit/review and compliance audit/review.

Some examples of agreed upon procedures we have performed for clients include investigating unusual amounts on financial statements, testing current internal control procedures, verifying the accuracy of non-financial company records, and testing compliance with agreements, grants, or other contracts.

AUDIT PREPARATION SERVICES

Are you prepared for your upcoming audit? Leaving your audit in the hands of a reputable firm has many benefits, and one with audit-prep services gives you even more. Did you know organizations often spend as much time preparing for the audit as the audit firm spends conducting the onsite portion of the audit itself? Audit-prep services reduces unnecessary stress on key members of your company and will save the entire organization significant time. After all, if not supplied with well-organized documentation, auditors will need to spend more time asking you for information. And, the hours start to add up. Being proactive in preparing for your audit can also prevent unwanted surprises.

Save a step – and significant time. Eliminate surprises, let Casey Peterson, Ltd’s auditors handle your audit-prep requirements.

audit, compilation, and review

Determining the appropriate level of reporting service needed for your company is often a confusing process. Let the experts at Casey Peterson, Ltd. help you determine the suitable fit for your organization. Below are descriptions of compilation, review, and audit services.

compilation

A compilation provides financial information to make more informed management decisions and monitor operations. A compilation can also be used by third parties in their decision making, but there is no assurance provided on these types of financial statements. However, formal financial statements help you analyze, understand and implement ratio analysis including current position analysis, equity position analysis, and profitability position analysis.

review

Essentially, a review is designed to see whether the financial statements "make sense" without applying audit-type tests. A review provides limited assurance on the financial statements, but less assurance than an audit service would provide. This is often a sufficient and more efficient way to provide assurance to the users of your financial statements in comparison to an audit.

audit

An audit is the highest level of assurance that can be provided on your financial statements. An audit provides reasonable assurance that the financial statements are free of material misstatements caused by fraud or error. In addition, some audits include providing an opinion on compliance and reporting on internal controls. This is achieved through observation, confirmation, and testing of selected transactions. We will also obtain an in-depth understanding of your accounting practices, record keeping practices, accounting policies, actions of the Board of Directors, and changes in business activities.

We believe in providing value-added audit services. Information we obtain during our audits allows us to have meaningful conversations with your management team. These discussions can lead to process improvement, improved internal controls, and improvements in your overall operations.

We will then provide a report that will provide a reasonable level of assurance that the financial statements are free of material misstatements caused by error or fraud. An audit does not, however, provide a guarantee of accuracy or absolute assurance that immaterial fraud has not occurred.

risk advisory, internal audit, and internal controls

Do you know where your entity is at risk for fraud, errors, or noncompliance? Performing an appropriate risk assessment for your organization can be a daunting undertaking. Let Casey Peterson, Ltd. make it easier for you. Our risk advisory services focus on improving the design of your internal controls and processes. Our experts will help you identify risks within your organization and help you design the appropriate internal controls to manage those risks.

These services can also include the development of an internal audit function that can be performed by our professionals or by individuals within your organization. Internal audit is a key strategic function for ongoing risk assessment, risk management, and process improvement. We can put your mind at ease by helping you design an internal audit function that’s the right fit for your organization.

single audit

Governmental and non-profit entities who spend over $750,000 in federal funds during a single year are required to have a single audit performed. There are numerous complex compliance requirements related to federal awards. The professionals at Casey Peterson, Ltd., have numerous years of experience related to federal awards and will help guide you through the single audit process including the required reporting. During this process, we will help you identify ways to mitigate risks and efficiently administer your federal awards.